The New Year should be prosperous for Southwest Louisiana. As rebuilding and recovery efforts continue, retail sales should be strong especially building materials, appliances, furniture and construction. New retail and restaurants are coming in ’23. Increased interest rates may slow housing sales but prices of houses may decrease some to help offset higher interest rates. There is still a need for additional housing in our area, both single and multi-family, so we expect construction to continue. 

We welcome two new area Mayors: Former Council Member and longtime Police Juror Hal McMillin takes the helm in Westlake. Political newcomer Neal Watkins is the new Mayor of Iowa. We wish them and all elected officials well. Our region is fortunate to have dedicated public servants interested in improving our area. Millions of dollars of recovery funding will be coming to the City of Lake Charles and other communities as well as The Calcasieu Parish Police Jury. These funds will allow assistance for economic growth, housing rehabilitation, water and
sewer expansion. Funds from the Infrastructure Bill (IIJA) and the CARES Act are providing millions of dollars for broadband expansion. This is crucial, for rural areas to have adequate internet for businesses, residences, and for education. Ports, airports, and the Cameron Ferry are among entities that will receive funding.

Industrial growth will ramp up in the year ahead. The worldwide demand for LNG will catapult additional LNG plans to start construction. For example, Venture Global LNG has signed another 20 year deal to sell liquefied natural gas for its planned CP2 facility in Cameron Parish. A Japanese oil and gas company said it will buy 1 million metric tons annually. Other LNG facilities are permitted and we expect final investment decisions in this new year. 

LSU Economist Emeritus Dr. Loren Scott forecasts the Lake Charles MSA (Calcasieu and Cameron Parishes) to lead the state in job growth for the next two years. The US Department of Transportation has awarded the State a $150 million grant toward the I-10 Bridge Project in Lake Charles. With previously committed funds, there is now a total of $550 million allocated. This is approximately one third of the amount needed. The State Legislature passed a bill to dedicate vehicle sales tax proceeds to four major projects in the state. Our bridge should receive about $40 million per year from this fund. Local and state elected officials plus The Chamber SWLA will continue to advocate for additional funding. We expect contracts to be issued in 2023 to begin construction late in the year or early 2024.

Our aviation industry continues strong at Chennault and Lake Charles Regional Airport. With the opening of Horseshoe Lake Charles, our gaming industry is back up to speed. Our region’s healthcare services continue to grow. Agriculture and Forestry continue to be a mainstay of the region with the new Rice Mill at Lacassine, Louisiana Spirits- Bayou Rum, and Canfor’s state-of-the-art lumber mill in Beauregard, examples of growth from ag and forestry. The Petrochemical industry continues to provide the base of our area’s economy employing over 12,000 people in permanent and contract jobs. 

McNeese State University and SOWELA Technical Community College provide educational opportunites and training for our residents. The Chamber SWLA’s Quality of Life Task Force will roll-out new programs to help our area look better and improve so we can keep our young people here and attract newcomers.

We are very fortunate to live in a great region with opportunities. Not all folks are doing well and we understand that. But opportunities do exist. As Rev. Weldon Bares of First United Methodist Church said in his article last week, “this new year might present us with new opportunities and adventures. Some of us will never take advantage of these opportunities for one reason: fear of the unknown. “